Copper Price Forecast: Tight Supply Supports Record Rally Despite China Slowdown
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Copper remains near record highs as tight supply offsets weak Chinese demand, while a break above $6.70 could open the way towards $8.
Copper (XCU) prices have gained significantly in July and are now testing the record resistance near $6.70 despite the weak property and factory data from China. In my view, tight supply, low inventories and strong export demand keep the short term outlook bullish. A break above $6.70 will open the way to higher prices. This article examines the slowdown in China, record exports and the technical levels that may shape the next move in copper.